So far, the gas pipelines that transport Russian gas through Ukraine to Central and Western Europe are working despite the war. That might change now. The euro is set to continue under pressure amid a potential energy crisis, economists at Commerzbank report.

Prospect of a possible energy crisis in the eurozone alive

“The suspicion arises that the Russian side wants to illustrate the risks for the gas supply to Europe more clearly than technically is necessary. None of these are earth-shattering announcements, but they keep the prospect of a possible energy crisis in the eurozone alive.”

“Under these circumstances, it can be assumed that the risk premium for an energy crisis in the eurozone, that is currently putting pressure on the EUR exchange rates, will be with us for some time to come.”